Enterprise Product Configurator for the insurance and takaful industry. EPC a web-based solution to reduce product’s time to market, by setting up centralized product specification, rule validations, calculations and automated-testing in a single tool. The solution allows test case configuration and automated regression verification to maintain and track quality in the product development process. It supports deployment on different digital solutions and back-end integration. EPC is a single instrument for faster product development to launch new products or modification to existing products in Life, General Insurance or Takaful sectors.
As part of the digital change most insurers have overlooked the role of product configurators as a strong tool for gaining competitive advantage. Gaining EPC capabilities will allow insurers and takaful operators to develop, modify and launch new products on a web-based solution and deploy to different platforms. The EPC solution will enable significant return on investment across insurers digital strategy, enabling end-to-end customer experience with reduced cost and high growth. The objective is to deliver a platform that not only responds to the insurers current need but to also prolong their success by continuously evolving as the industry changes.
Product documents can be uploaded to the system to maintain a single point of reference for all available information.
It allows setting up common parameters that will be used across products. This helps in reducing the effort required to replicate information for new products.
The main feature of EPC is the product configurator, which allows user to set product specific information such as the product specification, validation rules, rates, discounts and commission structures. Products can be reused, for example riders are combined with different base products, with the options of having different rates and validation rules.
Documents required to be generated for the insurance/takaful products are designed and setup as multi-lingual templates. The information captured during the sales process is mapped on to these templates. Templates can include Sales Illustration, Customer Fact Finds, Proposal Forms and other documents configured for specific products.
It allows users to setup rates for different calculations such as premium, cash surrender value and asset share. To ease the process users can upload the rates on EPC via the rate import functionality.
Traditionally, complex rules and validation checks are spread throughout an application’s source code. This makes evolving and maintaining a system a daunting task. Our approach to solving this problem is via EPC Rule Validation component, which involves reducing rule duplication, representing them in an easy and simple way, and allowing users to select and create rules as per their requirement.
It features a product calculator engine which allows setting up calculation methods at the database level instead of hard-wiring them into the program. This means adjustments can be made to the formula quickly via a normal data entry screen instead of requiring a programmer to go into the source code, amend, compile and release it. For an insurance company or takaful operator, this means that calculation engine needs to be complied and released once and any future customizations are simply a matter of changing data.
Testing is an integral part of software development, which often takes considerable amount of time and resources. Enabling automated testing on EPC allows running multiple scenarios and verifying large number of outcomes reducing the time taken as compared to manual testing. It increases the scope of testing, ensures better software quality and saves significant time.
The technological advancements have opened numerous sales channels for insurance companies, which include mobile, online direct & comparator website to name a few. Rebuilding applications for each channel and deploying it is a costly and time-consuming process. EPC supports the “Build once, Deploy Many” concept, where users can configure, build and test the product only once and then deploy to the environments they want. Following this approach, insurers can simplify their deployment process and speed-to-market launch of new products.
• Standardized product architecture
• Centralized source for all product information
• Reduce redundancies by eliminating editing of rules and calculation on multiple system
• Changes to product are configured through business rules without impacting source codes.
• Increase operational efficiency
• Allow validation of product and its rules on several levels throughout the model covering multiple scopes.
• Reduce hard-coding
• Release management
• Utilization of single code across different projects
• Easier deployment on any platform – Product setup can be done in one source but can be used in multi platforms/apps.
• Easily move product configuration from one environment to another
• Deployment of changes or new developments to backend system of the company
• Provides efficient, reliable and secure data exchange between multiple enterprise applications.
Enterprise Product Configurator
We look forward to showing you how our solution allows you to build a seamless customer experience for your customers.
Request a demo now and experience the EPC yourself!